Rani Therapeutics Reports Third Quarter 2026 Financial Results; Provides Corporate Update

Nine-month net loss narrowed to $25.242 million from $31.876 million, while quarterly research and development spending increased.

Rhea-AI Summary

Rani Therapeutics (Nasdaq: RANI) reported a third-quarter 2026 net loss of $8.806 million, alongside clinical and regulatory updates for its RaniPill platform. Contract revenue was $1.707 million versus none a year earlier, while net loss widened from $7.914 million. Research and development expenses rose to $6.021 million from $3.221 million; general and administrative expenses increased to $4.909 million from $4.036 million.

Cash, cash equivalents and marketable securities totaled $45.3 million at September 30, down from $53.4 million at June 30. Rani expects these funds to support operations at least through the end of 2027 under its current operating plan. The RaniPill platform entered the FDA Emerging Technology Program in October, enabling early engagement but not constituting approval. Enrollment continues in the RT-114 Phase 1a expansion cohort, with data expected by the end of 2026.

11 points · 0 major

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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

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0 major · 6 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointThird-quarter contract revenue of $1.707 million versus none in 2025 primarily reflected the Chugai collaboration.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Cash runway is expected at least through the end of 2027, based on Rani's current operating plan.
• Moderate point. Forward-looking: it has not happened yet and may not happen.RT-114 Phase 1a expansion enrollment continues; Rani expects additional data by the end of 2026.
• Moderate pointNine-month net loss narrowed to $25.242 million from $31.876 million in 2025.
• Moderate pointNine-month operating loss narrowed to $26.390 million from $29.775 million in 2025.

6 minor points

• Minor pointNine-month contract revenue rose to $5.123 million from $172,000 in 2025.
• Minor pointFDA Emerging Technology Program acceptance in October enables early technical, manufacturing and regulatory engagement.
• Minor pointManufacturing automation investment continues to support further clinical development.
• Minor pointClass A loss per share narrowed to $0.04 quarterly and $0.12 year-to-date, versus $0.12 and $0.50, respectively.
• Minor pointInterest income and other, net rose to $460,000 quarterly and $1.287 million year-to-date, versus $68,000 and $443,000.
• Minor pointInterest expense and other, net fell to $43,000 quarterly and $139,000 year-to-date, versus $725,000 and $2.544 million.

Negative

• Moderate pointCash, cash equivalents and marketable securities declined to $45.3 million at September 30 from $53.4 million at June 30.
• Moderate pointThird-quarter net loss widened to $8.806 million from $7.914 million in 2025.
• Moderate pointResearch and development expenses increased to $6.021 million quarterly and $16.199 million year-to-date, versus $3.221 million and $15.296 million.
• Moderate pointGeneral and administrative expenses increased to $4.909 million quarterly and $15.314 million year-to-date, versus $4.036 million and $14.651 million.
• Moderate pointThird-quarter operating loss widened to $9.223 million from $7.257 million in 2025.
• Minor pointLoss attributable to Rani increased to $7.729 million quarterly and $22.153 million year-to-date, versus $5.412 million and $19.368 million.

News Explained

The balance sheet reports Rani had 115,491 thousand Class A common shares issued and outstanding at September 30, 2026, versus 97,622 thousand at December 31, 2025. That higher Class A share count means an unchanged Class A holding is a smaller fraction of the outstanding Class A total.

Key Figures

Cash, cash equivalents and marketable securities: $45.3 million Expected operating runway: At least through the end of 2027 Contract revenue: $1.7 million +3 more

Cash, cash equivalents and marketable securities

$45.3 million

As of September 30, 2026; compared with $53.4 million as of June 30, 2026

Expected operating runway

At least through the end of 2027

Based on the current operating plan

Contract revenue

$1.7 million

Three months ended September 30, 2026; no contract revenue in the same period of 2025

Research and development expenses

$6.0 million

Three months ended September 30, 2026; compared with $3.2 million in the same period of 2025

Net loss

$8.8 million

Three months ended September 30, 2026; compared with $7.9 million in the same period of 2025

Additional healthy volunteers

15

Expected enrollment in the RT-114 Phase 1a expansion cohort

Previous Earnings Reports

1 past event · Latest: Aug 13

Same Type 1 event

1. Aug 13

   2Q26 earnings

   24h Move

   -0.2%

   RT-114 Phase 1a showed >150% bioavailability versus matched subcutaneous dosing; quarterly net loss narrowed.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

pharmacokinetic, subcutaneous, bioavailability, dual agonist

4 terms

pharmacokinetic medical

"to further characterize the oral-to-subcutaneous pharmacokinetic relationship"

Pharmacokinetic describes how a drug moves through and leaves the body — how it is absorbed, spread to tissues, broken down and excreted — like tracking a package from pickup to delivery and disposal. For investors, these properties determine effective dose, safety risks, how often a medicine must be taken, and how reliably it works, which in turn influence clinical trial success, regulatory approval chances, production complexity and a drug’s commercial value.

subcutaneous medical

"oral-to-subcutaneous pharmacokinetic relationship"

Subcutaneous means situated or applied just beneath the skin. In finance, the term can describe processes or investments that are hidden or not immediately visible, much like something placed under the skin that isn't easily seen from the outside. Recognizing subcutaneous activities helps investors understand underlying factors that may influence markets or asset values over time.

bioavailability medical

"studies to evaluate safety, tolerability and bioavailability"

Bioavailability is the measure of how much and how quickly a substance, such as a medication or nutrient, enters the bloodstream and becomes available for use by the body. For investors, it matters because it influences how effectively a product works and how quickly results are seen, which can impact a company's success and the potential value of related investments. Think of it like how much of a medicine actually reaches your bloodstream after taking it—that determines how well it can do its job.

dual agonist medical

"a GLP-1/GLP-2 dual agonist being developed by ProGen Co., Ltd."

A dual agonist is a single drug designed to activate two different biological targets or pathways at once, like one key that turns two locks to produce a combined effect. For investors, dual agonists can mean the potential for stronger or broader therapeutic benefits and larger market opportunities, but they also carry added development and regulatory risk because safety and effectiveness must be demonstrated for both actions together.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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~ Accepted into the U.S. FDA’s Emerging Technology Program (ETP), enabling early FDA engagement to support development of the RaniPill^® platform technology ~

~ Enrollment continues in RT-114 Phase 1a expansion cohort; data expected by end of 2026 ~

~ Cash, cash equivalents and marketable securities of $45.3 million as of September 30, 2026; expect to fund operations at least through the end of 2027 ~

FREMONT, Calif., Nov. 09, 2026 (GLOBE NEWSWIRE) -- Rani Therapeutics Holdings, Inc. (Nasdaq: RANI), a clinical-stage biotherapeutics company focused on oral delivery of biologics, today reported financial results for the third quarter ended September 30, 2026, and provided a corporate update.

“The third quarter marked continued progress for the RaniPill^® platform and, most recently, our acceptance into the FDA’s Emerging Technology Program in October provides an opportunity to engage with the Agency on technical, manufacturing and regulatory considerations related to the RaniPill^® platform,” said Talat Imran, Chief Executive Officer of Rani Therapeutics. “We expect this engagement to be valuable as we continue to invest in manufacturing automation to support further clinical development.”

“Combined with our rare disease, immunology, and obesity focused partnerships with Chugai, ProGen and PegBio, this milestone reflects our continued confidence in the RaniPill platform’s potential as an alternative to injectable biologics,” continued Imran. “With cash, cash equivalents and marketable securities of $45.3 million, we believe we are well positioned to fund operations at least through the end of 2027 and to execute on our priorities, including additional RT-114 data by year-end.”

Recent Highlights:

• Announced acceptance into the FDA’s Emerging Technology Program (ETP). In October 2026, Rani announced that the RaniPill^® Capsule™ platform technology was accepted into the U.S. Food and Drug Administration (FDA) Emerging Technology Program (ETP), which is administered within the Agency’s Center for Drug Evaluation and Research (CDER) and is designed to support the development and implementation of innovative approaches to pharmaceutical product design and manufacturing. Technologies accepted into the program must demonstrate the potential to improve pharmaceutical product quality and incorporate novel elements for which the FDA has limited review or inspection experience. Through participation in ETP, Rani expects to engage with the FDA’s Emerging Technology Team to address technical and regulatory considerations related to the RaniPill platform, including through pre-submission meetings and potential site visits. Participation in ETP does not constitute FDA approval of the platform or any product candidate and does not alter applicable regulatory approval requirements.
  
  Rani expects this engagement to be especially valuable as it works to automate its vertically integrated manufacturing process in anticipation of broader clinical use.

• Participant enrollment continues in the Phase 1a study expansion cohort of RT-114. RT-114 is an orally administered RaniPill Capsule™ delivering PG-102, a GLP-1/GLP-2 dual agonist being developed by ProGen Co., Ltd. The expanded study is expected to enroll fifteen additional healthy volunteers to further characterize the oral-to-subcutaneous pharmacokinetic relationship for the RaniPill^® HC by the end of 2026.
  

Third Quarter 2026 Financial Results:

• Cash, cash equivalents and marketable securities as of September 30, 2026 totaled $45.3 million, compared to $53.4 million as of June 30, 2026. Based on its current operating plan, Rani expects its cash, cash equivalents and marketable securities to be sufficient to fund its operations at least through the end of 2027.
  
  
• Contract revenue for the three months ended September 30, 2026 was $1.7 million, compared to no contract revenue for the same period in 2025. The increase of $1.7 million was primarily attributable to the collaboration and license agreement with Chugai.
  
  
• Research and development expenses for the three months ended September 30, 2026 were $6.0 million, compared to $3.2 million for the same period in 2025. The increase of $2.8 million was primarily attributable to higher compensation costs of $2.3 million, $0.3 million increase in third-party services and $0.2 million increase in facilities, materials and supplies.
  
  
• General and administrative expenses for the three months ended September 30, 2026 were $4.9 million, compared to $4.0 million for the same period in 2025. The increase of $0.9 million was primarily attributable to an increase of $0.7 million in third-party services and higher other expenses of $0.2 million.
  
  
• Net loss for the three months ended September 30, 2026 was $8.8 million, compared to $7.9 million for the same period in 2025, including stock-based compensation expense of $2.2 million and $2.3 million for the three months ended September 30, 2026 and September 30, 2025, respectively.
  

About Rani Therapeutics

Rani Therapeutics is a clinical-stage biotherapeutics company focused on advancing technologies to enable the development of orally administered biologics and drugs. Rani has developed the RaniPill^® Capsule™, a novel, proprietary and patented platform technology, intended to replace subcutaneous injection or intravenous infusion of biologics and drugs with oral dosing. Rani has successfully conducted several preclinical and clinical studies to evaluate safety, tolerability and bioavailability using RaniPill^® Capsule technology.

Forward-Looking Statements

Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements regarding: the potential of the RaniPill^® platform to provide an oral alternative to injectable biologics and drugs; the anticipated nature and value of Rani’s engagement with the FDA under the Emerging Technology Program; Rani’s plans for manufacturing automation to support further clinical development; the potential benefits of Rani’s partnerships with Chugai, ProGen and PegBio; the planned enrollment and objectives of the RT-114 Phase 1a expansion cohort and expected availability of additional data by the end of 2026; and Rani’s expectation that its cash, cash equivalents and marketable securities will be sufficient to fund its operations at least through the end of 2027. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as “anticipate,” “believe,” “continue,” “design,” “expect,” “intend,” “plan,” “potential,” “will,” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon Rani’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks and uncertainties associated with Rani’s business in general and the other risks described in Rani’s filings with the Securities and Exchange Commission, including Rani’s annual report on Form 10-K for the year ended December 31, 2025, and subsequent filings and reports by Rani. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management’s assumptions and estimates as of such date. Rani undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.

Investor Contact:
investors@ranitherapeutics.com

Media Contact:
media@ranitherapeutics.com

RANI THERAPEUTICS HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except par value)
		September 30,				December 31,
		2026				2025
		(Unaudited)
Assets
Current assets:
Cash and cash equivalents		$	3,620			$	18,618
Accounts receivable, net of allowance of $82 and $0, respectively			1,960				2,042
Marketable securities			41,668				31,091
Prepaid expenses and other current assets			1,229				1,570
Total current assets			48,477				53,321
Property and equipment, net			659				736
Operating lease right-of-use asset			3,147				4,318
Other assets			246				246
Total assets		$	52,529			$	58,621
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable		$	454			$	309
Accrued expenses and other current liabilities			4,158				3,943
Current portion of deferred revenue			3,416				6,831
Current portion of operating lease liability			1,195				1,586
Total current liabilities			9,223				12,669
Long-term deferred revenue			—				1,708
Operating lease liability, less current portion			1,952				2,732
Total liabilities			11,175				17,109
Commitments and contingencies (Note 12)
Stockholders' equity:
Preferred stock, $0.0001 par value - 20,000 shares authorized; none issued and outstanding as of September 30, 2026 and December 31, 2025			—				—
Class A common stock, $0.0001 par value - 800,000 shares authorized; 115,491 and 97,622 issued and outstanding as of September 30, 2026 and December 31, 2025, respectively			11				9
Class B common stock, $0.0001 par value - 40,000 shares authorized; 23,970 and 23,970 issued and outstanding as of September 30, 2026 and December 31, 2025			2				2
Class C common stock, $0.0001 par value - 20,000 shares authorized; none issued and outstanding as of September 30, 2026 and December 31, 2025			—				—
Additional paid-in capital			188,750				165,578
Accumulated other comprehensive (loss)/gain			(57	)			1
Accumulated deficit			(154,733	)			(132,580	)
Total stockholders' equity attributable to Rani Therapeutics Holdings, Inc.			33,973				33,010
Non-controlling interest			7,381				8,502
Total stockholders' equity			41,354				41,512
Total liabilities and stockholders' equity		$	52,529			$	58,621

RANI THERAPEUTICS HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (Unaudited)
		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Contract revenue		$	1,707			$	—			$	5,123			$	172
Operating expenses
Research and development			6,021				3,221				16,199				15,296
General and administrative			4,909				4,036				15,314				14,651
Total operating expenses		$	10,930			$	7,257			$	31,513			$	29,947
Loss from operations			(9,223	)			(7,257	)			(26,390	)			(29,775	)
Other income (expense), net
Interest income and other, net			460				68				1,287				443
Interest expense and other, net			(43	)			(725	)			(139	)			(2,544	)
Net loss		$	(8,806	)		$	(7,914	)		$	(25,242	)		$	(31,876	)
Net loss attributable to non-controlling interest			(1,077	)			(2,502	)			(3,089	)			(12,508	)
Net loss attributable to Rani Therapeutics Holdings, Inc.		$	(7,729	)		$	(5,412	)		$	(22,153	)		$	(19,368	)
Net loss per Class A common share attributable to Rani Therapeutics Holdings, Inc., basic and diluted		$	(0.04	)		$	(0.12	)		$	(0.12	)		$	(0.50	)
Weighted-average Class A common shares outstanding—basic and diluted			199,006				46,444				180,052				38,856

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How long does Rani Therapeutics expect its cash to fund operations?

Rani expects its cash, cash equivalents and marketable securities to fund operations at least through the end of 2027, based on its current operating plan. These funds totaled $45.3 million at September 30, 2026, compared with $53.4 million at June 30, 2026.

What were Rani Therapeutics' third-quarter 2026 financial results?

Rani reported $1.707 million in contract revenue and a $8.806 million net loss for the three months ended September 30, 2026. A year earlier, contract revenue was zero and net loss was $7.914 million. Basic and diluted loss per Class A share attributable to Rani was $0.04, compared with $0.12.

What is Rani Therapeutics studying in the RT-114 Phase 1a expansion cohort?

The expansion is expected to enroll fifteen additional healthy volunteers to further characterize the relationship between drug exposure from oral RaniPill HC delivery and subcutaneous injection. RT-114 delivers PG-102, a GLP-1/GLP-2 dual agonist being developed by ProGen.

How will Rani Therapeutics engage with the FDA through the Emerging Technology Program?

Rani expects to engage with the FDA's Emerging Technology Team through pre-submission meetings and potential site visits addressing technical and regulatory considerations for RaniPill. Program participation does not constitute FDA approval of the platform or any product candidate and does not change applicable approval requirements.